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Old 09-16-2016, 09:33 AM   #21
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Join Date: Aug 2013
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Originally Posted by aja8888 View Post
My head hurts...

Simple solution:

Stay put, get DW membership at a tanning salon.
Lol. Yeah too many numbers. I think the lesson I learned is it's probably wise to save up that 20% down for good reason. Of course at the time I was looking through the rose colored glass and thought...heck we'll both get raises, we'll easily on our own remove the PMI. hindsight is 20/20 eh?

I could get her 10yr supply of tanning sessions for $7250.

AA (Stock/Bond/Cash ): 90/0/10% MIX (Small/Mid/Large): X/Y/Z% BLEND(US/Foreign): 100/0%, (Value/Growth/Blend): X/X/X% REIT (Real Estate Equity): X% of Assets

FIRE in 2031 @ 50yrs old (+/- 2yrs) w/ a hypothetical $3.5mil portfolio, 3 appreciated homes worth $1.0mil and rental income to fund my gap years until RMD. Assets will go to an inherited IRA where I plan on watching the investments grow until I die or the trust gets executed.
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Old 09-16-2016, 09:55 AM   #22
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Join Date: Jan 2007
Location: New Orleans
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Originally Posted by W2R View Post
It is so hard to figure out which option would be best for you.

When it comes to retiring early, we find that for many decisions like mortgages/refinancing and age to claim SS, there are so many different "ways to skin a cat".

Personally I would tend to advise selling the house, buying one that requires a mortgage of no more than twice your annual income, pay it off ASAP so that you don't have to worry about mortgages ever again in your entire life, and save the money you would have used for your mortgage payments until you have enough to upgrade to a nicer house later on with no mortgage. That's what I did anyway and I was happy with that decision (FOR ME). It does require deferred gratification. Interestingly, while rolling her eyes my sister-in-law tells me that my brother also prefers having no mortgage at all.

But many others prefer to deal with mortgages and refinancing, so that is why I say there are many ways to skin a cat.
Originally Posted by kgtest View Post
If we took this measurement stick two years back when we bought the home and were earning $116k, the math tells me we apparently bought a home that was about 62.5% more than we should have. Add the layoff and baby and yepp, we stretched thin a bit but still managed to avoid most fee's beyond this dang PMI.
OK, your income was $116K, so if you double that you have a $232K mortgage, which with 20% down would mean a $290K house and no PMI. Then with Mr. Market cooperating, and cutting back on spending, you could pay it off quickly so that is how I would have approached things. But like I said, there are a million ways to skin a cat. I didn't realize when I posted the above, that you have only been in your home for two years (so it might be too soon to sell since it hasn't had much time to appreciate). Overall, aja8888's solution might be the best approach at this point in time. Anyway, good luck in reaching your goals!

"You can never cross the ocean until you have the courage to lose sight of the shore." - - - C. Columbus
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